Bloomberg is reporting that Citigroup has temporarily halted mortgage applications in a major unit due to missing property appraisals and income-verification documents. From Bloomberg:
According to the June 22 letter, the review identified "valuation concerns" where "appraisal documentation is missing or incomplete," or where property-assessment methods were "insufficient/lacking."
Other missing information included employment confirmations, phone numbers, credit reports and rent verification, the letter said. The review also found "income calculation errors."
The division which buys loans from banks and independent mortgage firms originated half of the company's mortgages last year. It will not be allowed to accept new loans until July 6.
categories: News
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